Knowledge Bank launches product transfer tracker

Knowledge Bank has enhanced its criteria search system with a new product transfer tracker.

The new feature — created in response to requests from brokers — will allow intermediaries to check the product transfer windows for every residential and BTL lender which offers a rate switch.

It aims to help borrowers save money and avoid them going onto a lender’s standard variable rate, which is usually higher than their existing rates.

The tracker also benefits brokers as it enables them to do transactions on behalf of clients earlier.

Links to every lender’s product transfer page or system are on the new Knowledge Bank tool in order for intermediaries to find all the information and make application directly quicker and easier.

Knowledge Bank continuously monitors lender’s product transfer windows to ensure the tracker is always up to date with the latest information and notifies subscribers if a lender changed its ERC-exemption window.

Nicola Firth, founder and CEO at Knowledge Bank (pictured above), said: “As always at Knowledge Bank, the broker and the lender are at the heart of everything we do. 

“This new product transfer feature is a perfect example of our team’s determination to provide the best solution for intermediaries.   

“This is the first in a number of new releases on the system for both brokers and lenders that will further enhance user experience. 

“The latest development has been extremely popular with our brokers, and we’ve already had some great feedback from them. 

“We continue to evolve Knowledge Bank to ensure we remain an invaluable asset for brokers.”  

Norman Martell, compliance manager at Elite Independent Mortgages Ltd — who has used the feature — commented: “Product transfers are an important part of our business in ensuring that our clients are best served. 

“Having to previously keep track of product transfer windows was time-consuming for the team, but this latest addition to Knowledge Bank is perfect. 

“All of the information the team need is to hand and from a compliance perspective, it’s now possible to evidence why the rate switch was made at that time. 

“Having direct access to the lender’s systems via Knowledge Bank for product transfers is also extremely useful, especially when the broker is sat with a client.”

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